The Durk Pearson & Sandy Shaw®
Life Extension NewsTM
Volume 11 No. 7 • December 2008
Fed Refuses to Disclose Recipients of $2 Trillion
posting at Bloomberg.com, written by Mark Pittman: “The Federal Reserve refused a [Freedom of Information Act] request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
“‘There has to be something they can tell the public because we have a right to know what they are doing,’ said Lucy Daiglish, executive director of the Arlington, Virginia based Reporters Committee for Freedom of the Press.”
Bloomberg News filed suit under the Freedom of Information Act on Nov. 7th. (Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan)) To contact the reporters on this story: Mark Pittman in New York at email@example.com.
The Fed argued that the “trade-secret exemption [that allows withholding information under the FOIA] could be expanded to include potential harm to any of the central bank’s customers, said Bruce Johnson, a lawyer at Davis Wright Tremaine LLP in Seattle. That expansion is not contained in the freedom-of-information law, Johnson said.” [Emphasis added]
“‘If they told us what [assets] they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,’” said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.”
This is an immensely important and disquieting story. Have you read it in your newspaper or heard it on TV news?